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CEOWORLD magazine - Latest - Banking and Finance - Expedia Stocks Decline as CEO Peter Kern Resigns

Banking and Finance

Expedia Stocks Decline as CEO Peter Kern Resigns

Expedia has announced the resignation of CEO Peter Kern, with company veteran Ariane Gorin set to take over the position on May 13. Gorin, who has served in various roles within Expedia for over ten years, including as President of Expedia for Business, will also join the board of directors. Kern will transition to the role of Vice Chairman and will remain on the company’s board, a position he has held since 2005.

Expedia’s decision to appoint an internal executive like Gorin as Kern’s successor was based on her demonstrated leadership qualities, according to Expedia Chairman Barry Diller. Expedia for Business, which includes partnerships with major travel brands and other B2B-related arms, experienced a significant increase in revenue, up 33% year-over-year in 2023.

Expedia chairman Barry Diller expressed confidence in Gorin’s leadership, emphasizing the board’s preference for an internal candidate after an extensive search. Kern will transition to the role of Vice Chairman and remain a member of the board to facilitate a smooth handover.

Expedia released its quarterly financial results on Thursday, surpassing Wall Street’s earnings projections but falling short on bookings, prompting a 13% drop in the company’s stock during after-hours trading.

For the fourth quarter, Expedia reported adjusted earnings of $242 million, or $1.72 per share, exceeding analysts’ consensus of $1.68 per share. Revenue for the period reached $2.89 billion, a 10% increase from the previous year, slightly surpassing the Street’s expectation of $2.88 billion. However, gross bookings for the quarter totaled $21.67 billion, growing by 6% but failing to meet analysts’ forecast of $22 billion.

 

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CEOWORLD magazine - Latest - Banking and Finance - Expedia Stocks Decline as CEO Peter Kern Resigns
Anna Siampani
Anna Siampani, Lifestyle Editorial Director at the CEOWORLD magazine, working with reporters covering the luxury travel, high-end fashion, hospitality, and lifestyle industries. As lifestyle editorial director, Anna oversees CEOWORLD magazine's daily digital editorial operations, editing and writing features, essays, news, and other content, in addition to editing the magazine's cover stories, astrology pages, and more. You can reach Anna by mail at anna@ceoworld.biz